Citigroup hires ex-HSBC banker Wallace to head Asian M&A

AmyOr

HONG KONG (MarketWatch) -- Citigroup Inc.
C, +0.18%
said Wednesday it hired Steven Wallace, the former head of Asia-Pacific investment banking at HSBC Holdings PLC
HBC, -1.94%
to head its merger-and-acquisition operations in the Asia Pacific region.

In his new role as a managing director and head of M&A for Citigroup, Wallace will report to Mark Renton, head of investment banking for Asia Pacific, Citigroup said in a statement.

During his tenure at HSBC, Wallace oversaw "some of the region's most innovative and complex transactions," including the listing of Hong Kong's first real estate investment trust, the statement said.

Wallace resigned from HSBC over the weekend for personal reasons, a Hong Kong-based spokeswoman for HSBC said Tuesday. Tou Chen Chang, the bank's head of investment banking in Southeast Asia based in Singapore, will take over Wallace's post.

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